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Council OKs account setup with South Dakota FIT public investment program
Summary
Council approved Resolution 2025‑18 to allow the city to establish an account with the South Dakota FIT public investment service as an additional option for fixed‑rate investments and bond‑proceeds management; initial account balance will be zero.
The Dell Rapids City Council approved Resolution 2025‑18 on Dec. 15 to permit establishing an account with the South Dakota FIT Public Investment program.
Staff described SD FIT as a resource many municipalities use to manage fixed‑rate investments, FDIC and collateralized CDs, and certain U.S. Treasury instruments; approval establishes the authority to open an account with an initial zero balance. “It’s just another option,” the finance officer said, adding staff would continue to use local banks and other investments as appropriate.
Council members asked whether the action simply establishes an account; staff confirmed an account with a zero balance is being authorized and that funds would be sent to SD FIT only when staff elected to do so. The motion to adopt the resolution passed by voice vote.
